1 bedroom condo prices in Chicago up 18.8% in Q1

Here are 2014 Q1 statistics for 1 bedroom condos in Chicago along with 1 bedroom condos for sale by price range. Schedule a showing online!

The median sale price of listed Chicago 1 bedroom condos for sale in the first quarter rose 18.8% to $190,000 from a year earlier. The average sale price as a percent of original sale price for homes with no price changes was 98.7% up from 98.0%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.0% up from 87.7%.

The inventory of listed Chicago 1 bedroom condos for sale was fairly flat.* There were 2,299 1 bedroom condos for sale in Chicago in the first quarter down just 0.9% from first quarter 2013 when there were 2,321 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 33% of the inventory to 20%.

The number of 1 bedroom condos sold in the 1st quarter fell 7.3%. Pending sales were down 1.9%.

WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS

Rising prices and rising average sale price as a percent of original sale price confirm that the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO SELLERS

If your home is priced right when it goes on market, it should sell in less than 3 months. The average days on market was down 15% to 81 days.

Just because the median sale price is up 18.8% from a year ago doesn’t mean that you’ll get 18.8% more for your home than you would have a year ago. Falling sales and pending sales also show that the market may be cooling.

Recent comparable sales and the current competition are much better price indicators. If you’re considering selling your home, contact me for a free market analysis.

CHICAGO 1 BEDROOM CONDOS FOR SALE

Click below to see the Chicago 1 bedroom condos for sale in your desired price range.

ABOUT THE AUTHOR

Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More

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